Uphold CEO Confirms Well-known Finance Giants are Using XRP

Uphold CEO Simon McLoughlin has confirmed that well-known finance giants are utilizing cryptocurrencies like XRP to transfer funds globally. In an interview with Tony Edward of the Thinking Crypto podcast, McLoughlin discussed the Ripple and Uphold alliance and highlighted Uphold’s role as a node in Ripple’s ODL network. This network enables large multinational companies to move treasury funds between regions using crypto as the transport layer. McLoughlin emphasized that Ripple’s ODL product offers a cheaper and faster alternative to traditional cross-border transfers, which are often slow and complex. Uphold’s involvement includes providing on- and off-ramp services for Ripple’s clients in the U.S., U.K., and European corridors, facilitating crypto-to-local currency conversions. Although McLoughlin couldn’t disclose specific company names due to non-disclosure agreements, he mentioned that well-known names in the finance industry are making use of Ripple’s payment network. Additionally, it is publicly known that institutions like Malaysia’s Tranglo and Japan’s SBI utilize XRP for intercontinental transfers through ODL.